SoundHound AI (NASDAQ:SOUN) Stock Price Up 2.7%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded up 2.7% during mid-day trading on Wednesday . The stock traded as high as $5.10 and last traded at $5.03. 5,163,211 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 35,896,227 shares. The stock had previously closed at $4.90.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Northland Securities lifted their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, September 18th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. Finally, Wedbush reissued an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Price Performance

The firm has a market cap of $1.63 billion, a P/E ratio of -13.24 and a beta of 2.74. The stock’s 50 day moving average is $4.85 and its two-hundred day moving average is $4.97.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. SoundHound AI’s quarterly revenue was up 53.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.10) earnings per share. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, CTO Timothy Stonehocker sold 20,337 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $99,244.56. Following the sale, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, CEO Keyvan Mohajer sold 90,641 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the sale, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Timothy Stonehocker sold 20,337 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $99,244.56. Following the sale, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at approximately $5,071,266.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 535,275 shares of company stock valued at $2,802,644. 21.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. boosted its holdings in shares of SoundHound AI by 16.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after buying an additional 2,629 shares during the period. Vanguard Group Inc. increased its position in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after acquiring an additional 2,226,471 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of SoundHound AI by 239.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after purchasing an additional 209,154 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after purchasing an additional 479,912 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of SoundHound AI by 1,039.3% in the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after purchasing an additional 195,011 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.